I have a piece of commercial land (undeveloped) under contract for $42K and I am looking for a loan on it. Where can I get a 90% LTV loan on this - interest only - stated? Are you laughing yet??

I have a LLC that I use to put property in for asset protection but, this entity does not have any profit - it is for asset protection only. Would I need to qualify for this loan under my own name.. my credit score is 705 or can I put the loan in the LLC name and just sign on the loan personally (I did this for a piece of undevelped RESIDENTIAL land....90% LTV, stated, interest only). I was just wondering if I could do the same for this piece of land that is zoned commercial?

THANKS!!
Dawn

I am sorry Dawn, but this is too far away from the kind of lending that I help underwrite.

We do not even use the term "stated income".

I have yet to see a land loan over 75% loan-to-value, even for the strongest of borrowers. {think hundreds of millions of net worth}

On the other hand, I have never seen a loan for under $50,000 in about nine years of banking experience. It just does not pay to have someone analyze something that small. They have software that will credit-score the request based on your personal income, credit report, and type of collateral.

Is there a lender out there that would do this? …. Maybe, but I could not tell you where to look.